Continental Re set to advance African insurance development road map

Sub-Saharan Africa’s largest private reinsurer, Continental Reinsurance plc, has reiterated its commitment to create platforms for dialogue among leaders in the insurance industry for the advancement of the continent’s risk management industry.

The company announces that it plans to create an opportunity for dialogue among leaders during its coming summit in April for insurance executives in the continent, in South Africa under the theme, ‘The changes and challenges shaping the context to the African insurance landscape in 2015.’

Group managing director, Continental Reinsurance plc, Femi Oyetunji said this would be the second edition of the summit for industry leaders to network, share ideas on best practices.
“We are committed to the development of insurance companies in Africa and we have invited chief executive officers from major insurance firms, reinsurance brokerage firms and other strategic stakeholders from across Africa,” he said.

Oyentunji said four main topics would be discussed – sustainability, leadership and insurance legislation in Africa as well as the ‘CNN effect’ – how 24 hour news networks have an effect on the global political and economic climate.

During the panel discussion lined up in the summit programme, delegates would look at how players could make the most of those cross-border opportunities while dealing with the challenges that increased regulation and how African insurers and reinsurers fit into the increasingly global picture in terms of regulation.

The firm said that prominent leaders of financial institutions from different parts of the continent would make enlightening presentations at the summit.

There would be discussions around the World Bank’s report that sub-Saharan Africa’s macroeconomic prospects remains promising, he said, saying “despite headwinds, medium-term growth for Africa remains favourable, with regional gross domestic product growth projected to strengthen to an average annual pace of 5.2 per cent in 2015‑16 from 4.6 percent in 2014, and rise to 5.3 percent in 2017, the delegates would look at how sub-Saharan Africa can maintain this growth in a sustainable fashion.”

Commenting on leadership in Africa, the reinsurer referenced reports on the strength of Africa’s youthful population, noting that challenges remain in terms of making the most of future opportunities and how the region can attract and retain the right talent in the continent, while training and encouraging those future leaders.
It said the summit would deliberate on how insurance can play a powerful role in investment management and help power strategic business management in Africa.

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